Blind Trust Sample For Lottery Winnings
Description
How to fill out Blind Trust Agreement For Private Individual As Opposed To Government?
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FAQ
Irrevocable Blind Trust: These often have more favorable tax implications as the trust is considered a separate tax entity. The grantor usually does not have tax liability for the income generated within the trust. However, the trust may be subject to income tax, and distributions to beneficiaries may also be taxed.
A blind trust is most common with public officials whose decisions can directly affect the financial markets, but another example would be creating a blind trust to hide its monetary value from an individual whose behavior and actions would change if they were privy to it.
An irrevocable trust, however, gives you greater asset protection. They protect lottery winnings and investments because the assets legally do not belong to you, and they benefit your family, as they are not subject to estate taxes.
How to Set Up a Blind Trust Gather the documentation for the assets that you want put into the blind trust. ... Appoint a trustee. ... Create the trust agreement. ... Sign the trust and have it notarized, taking care to follow any recording laws that your state has. Officially transfer the relevant assets into the trust.